Where Futures Lies
Daily Futures Trading Strategy 20 April 2021
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
U.S. stocks closed lower on Monday, slipping from last week's record levels, as investors awaited guidance from first-quarter earnings to justify high valuations, while Tesla Inc shares fell after a fatal car crash.
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Plan A : Remain buy as long as market trades firmly above 33939. Targets are 34144 and 34554.
Plan B : Consider short only if market fails to hold firm above 33939. Targets are 33652 and 33591.
E-Mini S&P 500
U.S. stocks slipped from record levels to start the week on Monday as weakness in the technology sector weighed on the broader market.
The S&P 500 fell 0.5% to 4,163.26 after closing at a fresh high on Friday.
The first-quarter earnings season got off to a robust start led by strong results from banks. Financials earnings have topped expectations by 38%, while others in the S&P 500 have surprised to the upside by 12%, according to data from Credit Suisse.
UBS on Friday lifted its S&P 500 forecast for the year amid recent data signaling a strong economic recovery. The firm now envisions the S&P 500 ending 2021 at 4,400, which is roughly 5% above where the benchmark index closed on Friday.
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Plan A : Long if market supported firm above 4163. Targets are 4178, 4199 and 4212.
Plan B : Short if market failed to support above 4163. Targets are 4137, 4110 and 4085.
E-Mini Nasdaq
U.S. stock futures rose slightly in overnight trading on Monday as investors prepared for the next batch of corporate earnings.
The Nasdaq Composite was the relative underperformer, dipping nearly 1% as Facebook, Amazon and Microsoft all closed lower.
Earnings season continues on Tuesday with streaming giant Netflix after the bell. Wall Street analysts expected Netflix to remain a winner in the streaming space even as the pandemic recovery improves.
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Plan A : Short if market failed to support above 13905. Targets are 13861, 13822 and 13778.
Plan B : Long if market supported firm above 13905. Targets are 13938, 13971 and 14001.
HSI
Hong Kong stocks closed higher on Monday, led by a rebound in healthcare and industrial firms, but big tech names faltered amid lingering regulatory concerns that curbed gains in the market.
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Plan A : Remain buy as long as market trades firmly above 28740. Targets are 29050 and 29249.
Plan B : Consider sell if market fails to hold above 28912. Targets are 28810 and 28740.
WTI Crude
Oil prices edger higher on Monday, supported by a weaker U.S. dollar but concerns about the impact on demand from rising coronavirus cases in India and other countries capped gains.
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Plan A : Remain buy as long as oil price trades firmly above 62.6. Targets are 63.9 and 65.5.
Plan B : Consider short only if oil price recovers but fails to breach above 63.9. Targets are 62.6 and 61.8.
Gold
Gold retreated from a more than seven-week peak on Monday as U.S. Treasury yields gained, weighing on non-yielding bullion's appeal and countering support from a weaker dollar.
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Plan A : Remain buy as long as gold price trades firmly above 1752.4. Targets are 1776 and 1795.1.
Plan B : Consider short only if gold price fails to hold firm above 1776. Targets are 1766 and 1752.4
Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com, mining.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.
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